StockNews.com Initiates Coverage on TESSCO Technologies (NASDAQ:TESS)

Posted by John. R. Edwardson on May 26th, 2023

StockNews.com began coverage on shares of TESSCO Technologies (NASDAQ:TESS – Get Rating) in a report released on Wednesday. The brokerage set a “hold” rating on the communications equipment provider’s stock.

A number of other research analysts have also recently issued reports on the company. TheStreet raised TESSCO Technologies from a “d+” rating to a “c-” rating in a report on Wednesday, April 26th. William Blair cut TESSCO Technologies from an “outperform” rating to a “market perform” rating in a report on Thursday, April 13th.

TESSCO Technologies Stock Up 0.6 %

TESS opened at $8.84 on Wednesday. TESSCO Technologies has a fifty-two week low of $4.03 and a fifty-two week high of $8.91. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.07 and a quick ratio of 1.16. The firm’s fifty day moving average price is $7.27 and its two-hundred day moving average price is $5.69. The company has a market capitalization of $81.59 million, a P/E ratio of -220.94 and a beta of 0.94.

Insiders Place Their Bets

In other news, major shareholder Robert B. Barnhill, Jr. sold 34,402 shares of the stock in a transaction that occurred on Monday, April 24th. The stock was sold at an average price of $8.77, for a total value of $301,705.54. Following the completion of the sale, the insider now owns 1,553,484 shares of the company’s stock, valued at approximately $13,624,054.68. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, major shareholder Robert B. Barnhill, Jr. sold 15,000 shares of the stock in a transaction on Wednesday, April 12th. The stock was sold at an average price of $8.77, for a total value of $131,550.00. Following the sale, the insider now owns 1,587,886 shares in the company, valued at approximately $13,925,760.22. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Robert B. Barnhill, Jr. sold 34,402 shares of the stock in a transaction on Monday, April 24th. The stock was sold at an average price of $8.77, for a total value of $301,705.54. Following the transaction, the insider now owns 1,553,484 shares in the company, valued at approximately $13,624,054.68. The disclosure for this sale can be found here. Insiders sold a total of 54,402 shares of company stock valued at $464,506 in the last quarter. 7.80% of the stock is currently owned by insiders.

Institutional Trading of TESSCO Technologies

Several large investors have recently modified their holdings of TESS. BlackRock Inc. grew its holdings in shares of TESSCO Technologies by 0.7% during the 1st quarter. BlackRock Inc. now owns 392,739 shares of the communications equipment provider’s stock worth $2,373,000 after purchasing an additional 2,636 shares in the last quarter. Employees Retirement System of Texas boosted its stake in TESSCO Technologies by 39.8% in the first quarter. Employees Retirement System of Texas now owns 119,341 shares of the communications equipment provider’s stock valued at $721,000 after buying an additional 34,000 shares in the last quarter. Vanguard Group Inc. boosted its stake in TESSCO Technologies by 1.5% in the third quarter. Vanguard Group Inc. now owns 226,398 shares of the communications equipment provider’s stock valued at $937,000 after buying an additional 3,370 shares in the last quarter. Legato Capital Management LLC acquired a new stake in TESSCO Technologies in the fourth quarter valued at about $49,000. Finally, Essex Investment Management Co. LLC boosted its stake in TESSCO Technologies by 35.9% in the fourth quarter. Essex Investment Management Co. LLC now owns 118,928 shares of the communications equipment provider’s stock valued at $583,000 after buying an additional 31,385 shares in the last quarter. 28.55% of the stock is owned by institutional investors and hedge funds.